US, WASHINGTON (ORDO NEWS) — Global oil demand could decline by 10 million barrels per day or more in the second quarter of 2020 in annual terms, analysts at Swiss bank UBS said.
The suspension of production and the reduction in demand for oil from oil refineries, meanwhile, will help balance the market in the coming months, analysts say. In particular, a decrease in demand for oil refineries could adversely affect the production and export of oil from OPEC + countries in May, the report said.
Brent and WTI benchmark crude oil prices should be below $ 20 per barrel in the second quarter to avoid filling up onshore oil storage facilities, UBS analysts said.
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